APN sells retail website for $2m

APN chief executive Michael Miller said the sale of the site will allow his company to focus on its media assets.
Photo: Sasha Woolley

by
Jake Mitchell

APN News & Media
has sold online retailer brandsExclusive to Aussie Commerce Group for $2 million in cash, as well as equity in the buyer.

The deal, expected to be completed this month, involves APN taking an 8 per cent stake in Aussie Commerce, which generated revenue growth of 250 per cent to $63 million in the six months ended December 31, 2013.

The company was founded by former journalist Adam Schwab and former investment banker Jeremy Same.

“Following the sale of APN Outdoor in January, the divestment of brandsExclusive is the next important step in our ongoing strategy to consolidate the structure of APN, allowing for greater management focus on our core media and digital businesses," APN chief executive Michael Miller said.

“The Aussie Commerce management team has a strong track record in integrating and growing online businesses.

“Aussie Commerce also provides the necessary scale for brandsExclusive to prosper in the increasingly competitive online retail environment."